Regulators published at a fevered pace this week, with more than $5.8 billion in total costs. Annual burdens were $667 million, compared to $3 billion in benefits. Regulators added more than 2.4 million paperwork burden hours. The administration’s onerous “fiduciary” rule led the week.
American Action Forum (AAF) research examines the private sector implications of regulatory cost burdens. In particular, we analyze the cumulative effect of regulations on the number of businesses for a range of establishment sizes and find that regulatory costs have a highly regressive impact on private industries. Specifically, with a 10 percent increase in cumulative regulatory costs, there is a 5 to 6 percent fall in the number of businesses with fewer than 20 workers.
Senator Jeff Sessions has a long history of opposition to legislation that would provide a path to legal status for undocumented immigrations. But he caused an even bigger stir recently with an op-ed in the Washington Post calling for choking back legal immigration.
Many block buster drugs will soon face competition from generic versions as patent protections expire. Of the 20 top selling drugs in 2013, 13 will no longer have patent protection after 2016, with three more patents set to expire in 2018.
The Obama Administration is seeking authority to tap the Strategic Petroleum Reserve (SPR) to manage spikes in global oil prices. This is fundamentally wrong-headed. Price controls explicitly or by “managing” supply are always a bad idea open to political manipulation. The administration should rely more on market forces, including allowing oil exports, not less.
The American Action Forum celebrated five years last night with a gala at the Newseum, emceed by Fox Business’ Maria Bartiromo, and featuring Speaker John Boehner and Charles Krauthammer.
Hillary Clinton foreshadowed her tax policy Monday in New Hampshire. Unfortunately, it looks like more of the same.
Ahead of the American Action Forum’s 5th anniversary celebration this evening, AAF is releasing “The Forum at Five.” The five minute video looks back at the founding of the Forum, examines their growth and success, and takes an eye to the future in considering what’s next for the five-year old think tank.
The United States needs better educational attainment in its K-12 schools. Eric Hanushek, a Senior Fellow at Stanford’s Hoover Institute and American Action Forum Education Expert, wrote in the Wall Street Journal that raising student attainment in this country, up to the level in Canada, could add an average of 20 percent to the paycheck of every worker.
Patents are a government-granted right that allows individuals or companies to exclude others from making, using, selling or importing inventions for a set amount of time, typically 20 years. By imitating a number of key features of real property, patents have allowed innovators to reap the gains of their effort. The United States has a highly-successful system for issuing patents; indeed observers are now concerned that too many patents are issued and too many activities are protected.